This past week, 30 new listings hit the market in Hoboken and 21 places in Downtown Jersey City.

In Hoboken, 7 of the new listings have already accepted offers. One of these properties received 10 offers.

If you are considering buying, don’t be discouraged by this—but it helps to be aware that you may find yourself in a “best and final” situation when you find your dream home.

A “best and final” refers to a scenario when a seller has received multiple offers on their property and gives all interested parties the option to present their best offer—along with all the specific terms such as closing date, down payment, etc. The seller’s agent will normally set a specific time by which all offers need to be submitted (“Friday by 5pm,” for example).

In a “best and final” situation, the highest number is not always the best offer—sometimes sellers are looking for a flexible closing date, a good down payment or other terms (such as waiving certain contingencies).

As always, your Realtor will be able to advise you and guide you through the process.

Here’s a look at this week’s numbers:

HOBOKEN:
Studio/ 1-Bedrooms
New Listings:9 new listings. The average price is $501,988 and the average price per sq/ft is $745.Sold Properties:7 properties closed. The average price was $574,642 and the price per sq/ft was $709.

2-Bedrooms
New Listings:14 new listings. The average price is $827,621 the average price per sq/ft is $736.Sold Properties:11 properties closed. The average price was $790,000 and the average price per sq/ft was $750.

3-Bedrooms
New Listings:5 new listings. The average price is $1,432,800 and the average price per sq/ft is $829.Sold Properties:1 property closed. The price was $845,000 and the price per sq/ft was $558.

Single-Family Homes
New Listings:2 five-bedroom homes listed for $2,099,000 and $5,250,000 and 1 seven-bedroom home listed for $3,449,000Sold Listings:No properties closed this week.

DOWNTOWN JERSEY CITY:Studio/ 1-Bedrooms
New Listings:11 new listings. The average price is $598,590 and the average price per sq/ft is $765.Sold Properties:1 property closed. The price was $680,000 and the price per sq/ft was $790

2-Bedrooms
New Listings:
7 new listings. The average price is $870,471 and the average price per sq/ft is $773.Sold Properties:
4 properties closed. The average price was $1,081,000 and the average price per sq/ft was $851.

3-Bedrooms
New Listings:1 new listing. The price is $730,000 and the price per sq/ft is $608Sold Properties:3 properties closed. The price was $ 1,353,666 and the average price per sq/ft was $814.

Single-Family Homes
New Listings:1 two-bedroom home listed for $879,000 and 1 three-bedroom for $2,900,000.Sold Listings:No sold properties.

(Information provided by Hudson County MLS)

CLICK HERE to learn more about these and other properties…CLICK HERE to find out how much your property is worth in today’s market…

Mortgage Market in Review:There has been upward pressure on rates this week, as the Equity markets have rallied. This rally is based on the anticipation of substantial tax reform, as well as strong corporate earnings being reported. This has caused a sell-off in the bond market, which means an uptick in mortgages rates. Whether or not the current upward trend will continue should depend on the markets’ ability to make continued gains. Much of this will be based on how feasible investors feel tax reform truly is. One thing that can cause a setback to this geopolitical risk…

CLICK HERE for a more detailed analysis from local mortgage broker Michael Mundy…

*****************Ann Wycherley is an award-winning realtor with over 15 years of solid real estate experience in the Hoboken and Jersey City market.

She has been recognized by the New Jersey Realtors Circle of Excellence for many years, having earned the Gold Level of Excellence for 2015 and 2016, meanwhile awarded Lifetime Membership in the New Jersey Association of Realtors Distinguished Sales Club.

Other accolades include the coveted Centurion Award for the past five years running (2012-2016), which represents the premium level of achievement within the Century 21 organization.